The Basics of Bookkeeping

 
How do you keep track of the day-to-day financial transactions of a business? Whether you are looking to advance in your career or you’re an entrepreneur (or maybe you are a part of a family business), this course will help you if you are looking to understand the numbers.

The Basics of Bookkeeping course will help you understand and know how to record every penny that comes into your business and every penny that goes out of your business. This course shows you how to create a chart of accounts that will meet your needs. All of the money you spend and all of the money you earn have a place to go. How do you record them? What are debits and credits? What do the numbers mean? How do you label accounts? Even if you outsource your bookkeeping needs, you should still have a basic understanding of what happens with the money earned and the money spent. No one should be blind to his or her finances!

In this course you will learn where the numbers go and why! You will learn bookkeeping terminology, as well as what it means to keep track of the numbers. At the end of the cycle, what do the numbers mean? The Basics of Bookkeeping will show you how to keep track of the numbers and why!
 

Agenda

Unit 1:  The Accounting Equation and Chart of Accounts

• The accounting equation
• The chart of accounts for a business
• Temporary accounts (Revenue and Expenses)
• Where the accounts fall under the accounting equation

Unit 2:  Journals and the General Ledger

• Special Journals
• General Journal
• The General Ledger Accounts

Unit 3:  Recording Transactions

• The Rules
• Debits and Credits
• T-Accounts 
• Using journals to record transactions

Unit 4:  Month End Closing

• Adjusting Entries
• Posting to the General Ledger
• End of month account balances